Statistics Canada released its industrial product and raw materials price indexes on Monday. The Industrial Product Price Index (IPPI) rose 1.8% in February, beating forecasts for a 0.6% gain, after a 0.3% decrease in January. January's figure was revised up from a 0.4% decline.

It was the first increase since August 2014. The increase was driven by higher prices for energy and petroleum products.

Energy and petroleum products soared 8.8% in February, the first rise since June 2014 and the largest increase since June 2009.

The Raw Materials Price Index (RMPI) jumped 6.1% in February, exceeding expectations for a 5.1% rise, after a 7.8% drop in January. January's figure was revised down from a 7.7% decrease.

It was the first gain since June 2014.

The rise was driven by higher prices for crude energy products. Crude energy products jumped 16.0% in February, the largest rise since March 2009.